trial

The date that should be used to post the summaries of the special journals to the general ledger accounts is:

1.   ?    The date of the transaction
2.   ?    The last day of the reporting period

The creditors and debtors records are similiar to the general ledger in that

1.   ?    the same titles are used in the cross reference.
2.   ?    the posting dates are the same.

What is the name of the cross reference account recorded on the debit side of the bank general ledger account?

1.   ?    cash payments
2.   ?    cash receipts

On which side of the Bank general ledger account are the Cash Payments posted?

1.   ?    Debit side
2.   ?    Credit side

The three accounts that are posted from the purchases journal are:

1.   ?    creditors control, GST Clearing, Bank
2.   ?    creditors control, stock control, GST Clearing

The number of general ledger accounts that will require posting from the sales journal are:

1.   ?    three
2.   ?    five

One benefit of special journals is that

1.   ?    they summarise similar transactions allowing totals to be posted to the
   ledger, reducing the number of ledger entries required.
2.   ?    there is less recording required as each tranaction is posted directly to the general ledger.

The special journal used to record the cash purchase of stock is

1.   ?    the purchases journal
2.   ?    the cash payments journal

The cash receipts journal contains headings for which two non-cash items?

1.   ?    discount revenue and cost of sales
2.   ?    discount expense and cost of sales

The main benefits of maintaining control accounts and subsidiary ledgers are:

1.   ?    ease of reporting, detection of errors and extra costs for staffing.
2.   ?    ease of reporting, allocation of responsibility and detection of errors.